Transaction done using Aadhaar will be populated in new Annual Information Statement of Income Tax Dep
Annual Information Statement or AIS is comprehensive view of information for a taxpayer displayed in Form 26AS. During preparation of AIS, information processing is required to display complete and accurate information to the taxpayer.
The key objective of AIS are:
• Display complete information to the taxpayer
• Promote voluntary compliance and enable seamless prefiling of return
• Deter non-compliance
Salient Features of new AIS are as under:
• Inclusion of new information (interest, dividend, securities transactions, mutual fund transactions, foreign remittance information etc.)
• Use of Data Analytics to populate PAN in non-PAN data for inclusion in AIS.
• Deduplication of information and generation of a simplified Taxpayer Information Summary TIS) for ease of filing return (pre-filling will be enabled in a phased manner).
• Taxpayer will be able to submit online feedback on the information displayed in AIS and also download information in PDF, JSON, CSV formats.
• AIS Utility will enable taxpayer to view AIS and upload feedback in offline manner.
• AIS Mobile Application will enable taxpayer to view AIS and upload feedback on mobile.
Also Read : Why checking AIS is Compulsory Before Filing your Income Tax Returns?
Adhaar will be populated in new Annual Information Statement of Income Tax Dep
The New AIS will use data analytics to populate PAN in Non PAN Transactions. There are many transaction in which individual do not provide PAN but provide Aadhaar card number. All such transactions will also be covered in AIS Statement of Income Tax Department
Currently as on 12 November 2021, there are 9,67,65,990 Individual Registered Users and 41,20,14,753 Total Aadhaar Linked with PAN. These means there are only 9.6 Cr PAN which are active and filing income tax returns vs 41.20 Cr PAN Aadhaar Linked. For many financial and non financial transactions like buying property / jewellery many people do not give PAN details and provide Aadhaar details, all such transactions shall also be reflected in new AIS
Government has done smart job by linking Aadhaar with PAN, thus tracking all your activity be it financial or non financial. The advance data analytics systems will ensure to populate accurate output there by all financial and non financial transactions will be connected and populated. The Aadhaar card which are linked but not filing the returns will be soon send notices if there are any high value translations which are taxable.
It is advisable to file your returns and pay taxes on time, to avoid any notices in future as even simple transactions like cash deposited in banks will be shown in AIS
Read More : Taxpayers 50 Transactions will be reported in New Annual Information Statement (AIS)
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